Money transfer myths that just won’t die 05/27/17


Nowadays, sending money from one country to another has never been easier due to the many methods available. Whether it is via bank accounts, writing checks, e-transferring services or any other way, people can benefit from the money they need the most in a matter of hours or even minutes. However, there are still many people that find money transfer services unreliable because their opinions are based on the many myths that emerged over time related to this topic. Here are the most popular myths you should stop believing.

#1 – money transfers are only possible if you own a bank account

This is probably one of the most popular myths on money transfer that just couldn’t be any further from the truth. Those who claim they need bank accounts in order to send money overseas are only saying so because they do not probably want to send that money after all. It is worth knowing that some providers have a wide microfinancing base which also allows mobile money transfers, without having to open bank accounts.

#2 – all money transfer methods are free

This is another false statement that you should not fall for. It is true that there are various money transfer ways from which you can choose, but it is best to learn about the advantages and disadvantages of each of them before making a choice. Know that some money transfer services claim they are completely free, but in fact they have certain hidden fees included in the exchange rate, which means that you will pay more money than you actually send, especially in case of overseas transfers.

#3 – comparing costs does not help me in any way

One of the greatest advantages of the Internet is that there are certain websites where people can compare the costs of money transfer services. Although some people may say that comparing costs does not bring them any benefit and that it is a time-consuming and highly complicated thing to do, the truth is this step should not be overlooked. Comparing costs can actually help you select the most economical money transfer method to suit your needs. These websites can provide you with instant comparisons of fees from a range of options for non-bank transfer services, thus helping you opt for the best one.

#4 – there is no safer option other than wire transfers

Many people believe that wire transfers are one of the safest ways to send money. While traditional wire transfers may be quicker than other options available out there, it still may take some time until the ban recognizes the funds and makes them available for transfer. You should know that reversing wire transfers is nearly impossible, which is why many impostors who are trying to scam you ask you to send money using wire transfers. There are many other ways to transfer money overseas much better than wire transfer.

As it can be seen, these are the most popular myths on money transfer services you should stop believing.